Portugal GDP Q2 2022

Portugal

Portugal: GDP contracts in the second quarter

July 29, 2022

According to a preliminary estimate, GDP shrank 0.2% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, contrasting the 2.5% increase recorded in the first quarter.

Although a full breakdown is not yet available, the flash estimate reported that the downturn was due to a detraction from domestic demand. In contrast, the contribution from external demand was positive.

On an annual basis, economic growth lost steam, falling to 6.9% in Q2 following the previous quarter's 11.8% expansion.

FocusEconomics Consensus Forecast panelists see GDP climbing 4.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, the economy is seen growing 2.4%.


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